India Plans Sweeping Consumption Tax Cuts by October to Boost Economy

India's government will slash the consumption tax it charges consumers and businesses by October, a top official said on Friday, hours after Prime Minister Narendra Modi announced sweeping tax reforms to boost the economy in the face of a trade conflict with Washington.

The federal government will propose a two-rate structure of 5% and 18%, doing away with the 12% and 28% tax that was imposed on some items, said the government official, who declined to be named as the plans are still private.

The plan is to bring "99%" of all the items that are in 12% category to...

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